Vest Financial LLC Increases Stock Position in First BanCorp. $FBP

Vest Financial LLC boosted its holdings in First BanCorp. (NYSE:FBP) by 21.8% in the third quarter, Holdings Channel reports. The institutional investor owned 255,348 shares of the bank’s stock after acquiring an additional 45,647 shares during the quarter. Vest Financial LLC’s holdings in First BanCorp. were worth $5,630,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC bought a new position in shares of First BanCorp. in the second quarter worth $29,000. EverSource Wealth Advisors LLC lifted its holdings in First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after purchasing an additional 1,129 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the period. CWM LLC grew its holdings in First BanCorp. by 93.4% during the 2nd quarter. CWM LLC now owns 5,315 shares of the bank’s stock valued at $111,000 after buying an additional 2,567 shares in the last quarter. Finally, Savant Capital LLC bought a new stake in shares of First BanCorp. during the second quarter valued at about $204,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Up 5.0%

FBP stock opened at $22.07 on Thursday. The company has a market capitalization of $3.49 billion, a PE ratio of 10.71, a price-to-earnings-growth ratio of 1.17 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.81. First BanCorp. has a one year low of $16.40 and a one year high of $22.60. The company’s 50 day moving average price is $20.76 and its two-hundred day moving average price is $21.12.

First BanCorp. (NYSE:FBP) last released its earnings results on Wednesday, October 22nd. The bank reported $0.51 EPS for the quarter, beating the consensus estimate of $0.48 by $0.03. First BanCorp. had a net margin of 26.73% and a return on equity of 17.45%. The company had revenue of $248.71 million for the quarter, compared to analyst estimates of $256.25 million. During the same quarter last year, the firm earned $0.45 EPS. As a group, analysts predict that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FBP shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $24.00 price objective (down from $26.00) on shares of First BanCorp. in a research report on Monday, October 27th. Wells Fargo & Company cut their price target on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a report on Wednesday, October 8th. Piper Sandler started coverage on First BanCorp. in a research note on Thursday, January 15th. They set a “neutral” rating and a $23.00 price objective for the company. Finally, Truist Financial reduced their target price on First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.80.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.